Following yesterday’s news that Apple was delaying the introduction of its new iMac until September, shares of the company fell more than 7 percent in early trading Friday, down US$2.28 to $30.22. Merrill Lynch analyst Steven Milunovich said Apple’s current quarter should show no effects of the iMac issue, but cut his September-quarter iMac sales estimates to 105,000 units from 210,000. Milunovich also lowered his September quarter earnings and revenue estimates to 16 cents a share and $1.95 billion in revenue. Milunovich said that the iMac news would “take some wind out of the stock’s sails”, but that “at least we know a new iMac is coming.” He maintains a “buy” rating on Apple’s stock.
